The Ripple price (XRP/USD) has surged to a six-day high following an announcement the company behind the token has chosen three cryptocurrency exchanges as preferred partners. Most notably, major digital currency exchange Bittrex will be Ripple’s preferred partner for transactions with Ripple’s liquidity solution xRapid, which uses the XRP token. In addition, Bitso and Coins.ph had been chosen as preferred partners for Mexican Pesos and Philippine Pesos, respectively.
The August 16 announcement provided an example of how a US-to-Mexico xRapid transaction would be handled.
“A financial institution, that has an account with Bittrex, initiates a payment in US dollars via xRapid which is instantly converted into XRP on Bittrex. The payment amount in XRP is settled over the XRP Ledger. Bitso – through its Mexican Peso liquidity pool – instantly converts the XRP into fiat, which is then settled into a destination bank account.”
Cory Johnson, Ripple’s chief market strategist commented on the development: “Bittrex is one of the biggest names in digital asset trading in the U.S. The same goes for Bitso in Mexico and Coins.ph in the Philippines. That makes today’s announcement an important development for xRapid.”
The Ripple price enjoyed a steady rise in today’s morning session, which allowed the digital currency to finally establish a stable position above the $0.30 level. The digital coin rose to as high as $0.320 earlier today, which was its highest level since August 11, according to data from cryptocurrency tracker Coinmarketcap. The coin has pulled back to lower levels in more recent trading, but it has remained comfortably above the Thursday close of 0.292.
As of 13:05, the Ripple price stood at $0.314, up 8% from the same time yesterday. The coin’s total market cap currently stands at $12.4 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.